Gemini’s offer includes support for new cryptocurrencies, the ability to instantly exchange offline storage and an improved interface.
Gemini Trust Company, LLC (Gemini), is the cryptocurrency exchange and custodian of the Cameron brothers and Tyler Winklevoss. On September 10th, it launched Gemini Custody, a qualified cryptocurrency custodian that will allow customers to instantly exchange assets by offering credits.
It was reported that Gemini Custody supports 18 cryptocurrencies and offers the possibility of incorporating many more soon. Besides, customers can instantly exchange their cryptocurrency in custody on the Gemini exchange without waiting to make transfers outside cold storage.
It should be noted that previously customers had to wait more than one day to access and trade assets. The new system will help customers exchange assets held offline without waiting for access.
Interface and Multi-Accounts
According to the statement, a new interface allows customers to check balances, download account statements, and initiate withdrawals. Gemini added that customers can grant auditors read-only access to confirm balances, transactions and activity.
For its part, the sub-account function gives customers the ability to create and manage multiple accounts with different sets of users, balances and unique and independently verifiable cryptographic addresses, all under a single master account.
White lists can also be configured, which ensures that the user’s cryptocurrencies can only be withdrawn to certain addresses.
Gemini Custody supports 18 cryptocurrencies for custody, among which are Bitcoin, Bitcoin Cash, Ether, Litecoin, and Zcash. It is said that custody support for more cryptocurrencies will come soon.
The tool will also offer support for the following ERC-20 tokens: 0x (ZRX), Augur (REP), Basic Attention Token (BAT), Pan (BRD), Dai (DAI), Decentraland (MANA), Enjin (ENJ), Flexacoin (FXC), Gemini dollar (GUSD), Kyber Network (KNC), Loom Network (LOOM), Maker (MKR), and OmiseGo (OMG).
Security and Usability
Tyler Winklevoss, CEO of Gemini stated that the maturation of cryptocurrencies as an asset class depends largely on the security and soundness of the custodians that own individual and institutional funds. He added that, since the first day, Gemini recognized the need for a world-class custody solution that is safe, compatible and easy to use for both individuals and institutions worldwide.
Jeanine Hightower-Sellitto, Managing Director of Operations at Gemini, said that they have demonstrated a clear and growing demand for cryptography products. However, they have struggled to find a solution that fully meets their complex regulatory and security requirements.
Gemini Custody is the only native crypto solution in today’s market that meets these complex requirements without sacrificing security or liquidity.
This is just the last move in Gemini’s efforts to provide regulated services to institutions. Additionally, it comes at a time when competition is already appreciated in the custody sector.
Recently, Coinbase has expanded its offer by acquiring the institutional arm of Xapo. At the same time, new players such as Anchorage, Fidelity and Bakkt have entered. However, investors have been asking for solutions that balance security and the ability to trade assets quickly.
The exchange announced in early July that it would apply for a stockbroker license through the Financial Industry Regulatory Authority (FINRA), the self-regulatory organization that oversees securities brokers in the United States.
By Willmen Blanco